Finansal İstikrarsızlık Hipotezi, Tobin Vergisi Ve Uluslararası Finansal Sistem: Post Keynesyen Bir Çerçeve

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[English Title] THE FINANCIAL INSTABILITY HYPOTHESIS, THE TOBIN TAX, AND INTERNATIONAL FINANCIAL SYSTEM: A POST KEYNESIAN FRAMEWORK [English Abstract] According to Minsky’s financial instability hypothesis, business cycles in a capitalist economy are endogenous. In other words, business cycles are natural results which take root from operations of economy. When profit seeking behaviours of firms combine with profit seeking behaviours of financial system, economy enlarges through investments which have been financed with debts. However, when excess debts become unsustainable, economic crisis occurs inevitably. According to Minsky’s pursuers, a similar situation is valid globally and recent crises confirms this situation. In this study, the financial instability hypothesis which has been discussed by Post Keynesian economists is explained firstly. Then, the opinions are mentioned which have been concerning validity of this hypothesis globally. At this juncture, a currency transaction tax (Tobin tax) which have been proposed by Tobin as another Keynesian economist is discussed within the framework of whether it will be a cure for Minskian financial fragility or not. As a result, it is expected that Tobin tax will be unsuccesful in providing financial stability on its own but it could be effective if it will have been designed as a part of wide-ranging set of reform on international financial system. [English Keywords] Financial Instability Hypothesis, Tobin Tax, Global Financial System

10.5455/ey.10690 [DOI]